The vice president and advisor of Economy, Labor and Employment, Mikel Torres, announced that the Vasco Government has registered economic growth of 1.9% for this year and 2.1% for 2025. According to Torres, these data “far exceed expectations for the Eurozone as a whole.”
During the presentation of the economic report of the Basque Economic and Social Council (CES) in San Sebastián, in the Cursos de Verano of the University of the Basque Country (UPV/EHU), Torres received a positive assessment from the Economics consultant on the “transformative” economic policies promoted by the Basque Government.
The advice I have been given to achieve these growth goals is to maintain the current growth rate of the economy, which is around 1.8%. Forecasts indicate that this pace will be maintained and could even accelerate in the final period of this year and throughout 2025, thanks to the control of inflation and the reduction of interest types, in order to keep the pressure on companies and workers.
Importance of European funds
Torres also appreciated the significant contribution of the European Recovery and Resilience Mechanism funds to the development of economic and labor policy. In the first semester of 2024, Euskadi received 2,500 million euros from these funds, of which the city is autonomously managed. In addition, 75% of this amount is already earmarked for existing or finished projects.
“European funds have positively influenced activity levels and macroeconomic data, especially when compared to other European means. Its stimulus has been instrumental in this recovery,” Torres said.
Finally, the Vice President highlighted the participation of different social agents in the development of the Socioeconomic Memory, stressing that economic policy must not only generate growth, but also promote social cohesion and ensure a fair distribution of wealth.
